The survey examined more than 7,200 respondents from 123 countries, of which 282 were from South Africa. According to the report, 77 percent of the responding companies in South Africa had been victims of economic crime, a number that has been growing over the past 10 years.
This number was also much higher than the global rate of 49%. Asset misappropriation was the most prevalent form of economic crime reported by 49% of South African respondents. Fraud committed by the consumer was the second most reported crime at 42%.
The report added that 35% of South African respondents said they lost more than $100,000 to what they regarded as the most disruptive economic crime to affect them. One percent reported losses of greater than $100 million. In South Africa, the public is gradually losing confidence in the state following corruption allegations that have been levelled at public officers over the years.
Even though the country has a stronger judiciary, many do not have trust in the police, who are largely seen as corrupt – taking bribes from drivers for minor offences, and so on.